2024 Q2 UK older mortgage borrowers received £5bn in loans, a 17.5% increase, with new lifetime mortgages decreasing while retirement interest-only mortgages rose.
In Q2 2024, older UK mortgage borrowers received £5bn in new loans, a 17.5% increase compared to the same period in 2023, according to UK Finance's later-life mortgage lending report. Despite an 8.3% increase in total loans, new lifetime mortgages decreased by 16.9% while retirement interest-only mortgages rose by 23%. Experts suggest that rising housing costs for retirees can negatively impact retirement planning.
August 29, 2024
116 Articles